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FULL PACKET_2020-06-02
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FULL PACKET_2020-06-02
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Date
6/2/2020
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EXHIBIT "B" (Commonwealth Land Title Insurance Company) <br />GENERAL ESCROW PROVISIONS <br />All disbursements shall be made by Escrow's check. All funds received in this escrow shall be <br />deposited in one or more of your general escrow accounts with any bank doing business in the <br />State of California and may be transferred to any other general escrow account or accounts. <br />The expression "close of escrow" means the date on which instruments referred to herein are <br />filed for record. All adjustments are to be made on the basis of a 30-day month. Recordation of <br />any instruments delivered through this escrow, if necessary or proper in the issuance of a policy <br />of title insurance called for, is hereby authorized. <br />There shall be no proration of any existing insurance policies in this escrow. <br />You are to furnish a copy of these instructions, amendments thereto, closing statements and/or <br />any other documents deposited in this escrow to the lender or lenders, the real estate broker or <br />brokers and/or the attorney or attorneys involved in this transaction upon request of such <br />lenders, brokers or attorneys. <br />Should you before or after close of escrow receive or become aware of any conflicting demands <br />or claims with respect to this escrow or the rights of any of the parties hereto, or any money or <br />property deposited herein affected hereby, you shall have the right to discontinue any or all <br />further acts on your part until such conflict is resolved to your satisfaction, and you shall have <br />the further right to commence or defend any action or proceedings for the determination of such <br />conflict. The parties hereto jointly and severally agree to pay all costs, damages, judgments <br />and expenses, including reasonable attorney's fees, suffered or incurred by you in connection <br />with, or arising out of this escrow, including, but without limiting the generality of the foregoing, a <br />suit in interpleader brought by you. In the event you file a suit in interpleader, you shall ipso <br />facto be fully released and discharged from all obligations imposed upon you in this escrow. <br />If for any reason funds are retained or remain in escrow, you are to deduct therefrom a <br />reasonable monthly charge as custodian thereof of not less than $10.00 per month. <br />Time is declared to be the essence of these instructions. If you are unable to comply within the <br />time specified herein and such additional time as is required to make an examination of the <br />official records, you will return all documents, money or property to the party entitled thereto <br />upon satisfactory written demand and authorization. Any amendment of and/or supplement to <br />any instructions must be in writing. The seller agrees to sell and the buyer agrees to buy the <br />property herein described upon the terms hereof. <br />These escrow instructions, and amendments hereto, may be executed in one or more <br />counterparts, each of which independently shall have the same effect as if it were the original, <br />and all of which taken together shall constitute one and the same instruction. <br />20B-13 <br />
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